Coal India Limited (COALINDIA)
₹417.20 -0.19% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Coal India's revenue was ₹46,255 Cr (+29.1% year on year, -0.5% on the previous quarter), and net profit ₹8,850 Cr (+1.3% year on year); the operating margin was 20.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹46,255 | +29.1% | -0.5% |
| Operating profit | ₹9,439 | -24.6% | -25.5% |
| Net profit | ₹8,850 | +1.3% | -18.9% |
| EPS (₹) | 14.36 | +1.2% | -18.4% |
| Operating margin | 20.4% | — | — |
COALINDIA delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.19% of the COALINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.08%. That is close to its usual level. In COALINDIA futures, open interest rose 0.46% while the futures price fell 0.30%: short buildup (new short positions).
Delivery in the last 5 sessions: 61.5% · 59.5% · 57.9% · 71.8% · 63.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Coal India reported a 12.5% year-on-year increase in total coal supplies to 61.20 MT for September FY 2026-27, up from 54.40 MT last year. Monthly production rose 9.18% to 53.50 MT, while supplies to the power sector grew 10.63% to 48.90 MT. For Q2 FY 2026-27, offtake increased 12.04% to 186.04 MT and production grew 3.81% to 151.37 MT. Robust offtake enabled the company to liquidate roughly 63 MT of pithead coal stock during H1 FY 2026-27.
- September 2026 coal supplies increased 12.5% YoY to 61.20 MT (vs 54.40 MT)
- Supplies to the power sector climbed 10.63% to 48.90 MT in September and 11% to 148.20 MT in Q2
- Q2 FY 2026-27 total coal supplies rose 12.04% to 186.04 MT, with production up 3.81% to 151.37 MT
- Liquidated around 63 MT of pithead coal stock during H1 FY 2026-27
- Company is pursuing an assigned FY 2026-27 target of 815 MT production and 850 MT supply
Coal India Limited reported provisional Single Window Mode Agnostic (SWMA) e-auction data for September 2026 and H1 FY27 (Apr-Sep 2026). In Sep 2026, 93.64 lakh tonnes (9.36 MT) was allocated against 130.19 lakh tonnes offered, reflecting an allocation rate of 72% and a significant 94% premium over the notified price. For H1 FY27 cumulative, 571.04 lakh tonnes (57.1 MT) was allocated out of 1421.85 lakh tonnes offered (40% allocation) at an average premium of 54% over the notified price. Higher e-auction premiums are supportive of blended realization and operating profit margins, given that e-auctions contribute roughly 16% of sales volume.
- Sep 2026: 93.64 lakh tonnes allocated out of 130.19 lakh tonnes offered (72% allocated)
- Sep 2026: Realization stood 94% above the notified price across CIL subsidiaries
- Apr-Sep 2026 cumulative: 571.04 lakh tonnes allocated against 1421.85 lakh tonnes offered (40% allocation)
- Apr-Sep 2026 cumulative: Realization was 54% above the notified price
- NCL recorded the highest premium in Sep 2026 at 231% over notified price with 100% allocation
Coal India Limited reported provisional production figures for September 2026, with total coal production rising 9.2% YoY to 53.5 MT compared to 49.0 MT in September 2025. Total offtake for the month increased 12.5% YoY to 61.2 MT from 54.4 MT. However, cumulative H1 FY27 (Apr-Sep 2026) coal production fell 2.5% YoY to 321.0 MT, while cumulative offtake rose 7.6% YoY to 384.2 MT. Key growth drivers for the month were Western Coalfields (WCL) with production up 85.5% and offtake up 92.7%.
- September 2026 coal production grew 9.2% YoY to 53.5 MT vs 49.0 MT in September 2025
- September 2026 coal offtake grew 12.5% YoY to 61.2 MT vs 54.4 MT in September 2025
- Progressive H1 (Apr-Sep 2026) production contracted 2.5% YoY to 321.0 MT vs 329.1 MT
- Progressive H1 (Apr-Sep 2026) offtake rose 7.6% YoY to 384.2 MT vs 357.0 MT
- WCL showed strongest monthly performance with production up 85.5% (4.1 MT) and offtake up 92.7% (5.8 MT)
Coal India Limited has executed a non-binding Memorandum of Understanding (MoU) with Hindustan Urvarak & Rasayan Limited (HURL) on September 29, 2026. The partnership aims to explore the development of coal gasification-based urea production at Sindri, Jharkhand. Initial efforts will focus on assessing technical, commercial, and implementation modalities alongside preparing a Preliminary Feasibility Report (PFR). Capital expenditure and timeline metrics remain undisclosed at this preliminary exploratory stage.
- Executed non-binding MoU with HURL on 29.09.2026
- Project location planned at Sindri, Jharkhand for coal gasification-based urea production
- Initial scope limited to technical and commercial assessment to prepare a Preliminary Feasibility Report (PFR)
- Financial commitments, project capex, and production capacity are not disclosed
Coal India Limited reported that Dr. Anjani Kumar has relinquished his charge as Executive Director (Contracts) effective September 28, 2026. This change follows his appointment as Director (Technical) at Western Coalfields Limited (WCL), a wholly owned subsidiary of CIL, pursuant to a Ministry of Coal order. Because this is an intra-group transfer of a senior management personnel within CIL's operating structure, it represents routine public sector executive movement. There is zero direct impact on Coal India's consolidated operations or TTM revenue of ₹93,458 crore.
- Dr. Anjani Kumar relinquished charge as Executive Director (Contracts) with effect from September 28, 2026
- Appointed as Director (Technical) at wholly owned subsidiary Western Coalfields Limited (WCL)
- Appointment executed vide Ministry of Coal letter No. 21/3/2026/Establishment dated September 28, 2026
Coal India Limited has submitted an annual disclosure under Regulation 31(4) of SEBI SAST Regulations, 2011. The filing confirms that the promoters along with Persons Acting in Concert (PAC) have not created any direct or indirect encumbrances during the financial year other than those already disclosed. The disclosure letter is dated April 7, 2026, and mentions confirmation related to subsidiary Central Mine Planning & Design Institute Limited. This is a routine regulatory compliance filing with no impact on operations or financials.
- Filing submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011
- Confirms no encumbrances made directly or indirectly during the financial year other than already disclosed
- Document dated 07.04.2026 and filed with exchanges
Coal India Limited has announced the appointment of Smt. Sona Kumari as Non-Official Independent Director on the Board of Northern Coalfields Limited (NCL), a wholly owned subsidiary. The appointment was directed by the Ministry of Coal via letter dated September 17, 2026. The tenure takes effect from the date of notification of her appointment and will last until her tenure on Coal India's Board or until further orders, whichever is earlier. This is a routine board-level governance update for a subsidiary and has no direct financial impact.
- Appointment of Smt. Sona Kumari (DIN-11835630) as Non-Official Independent Director on NCL's Board
- Appointed by Ministry of Coal via letter No. 21/21/2022-Estt dated September 17, 2026
- NCL is a wholly owned subsidiary of Coal India Limited
- Tenure effective from notification date until Coal India tenure ends or until further orders
Coal India reported an operational rebound as monsoon rains eased, with subsidiary Northern Coalfields Limited (NCL) lifting coal production by 67% and dispatches by 75% on September 8 compared to September 1-3 levels. NCL's FY27 total production reached 51.43 MT and supplies hit 55 MT as of September 8, with 87% directed to the power sector. At the consolidated group level, daily coal production rose 40% to 1.91 MT per day on September 8 from 1.36 MT per day during the rain-affected first three days of the month. Dispatches to power plants also expanded 27% to 1.74 MT per day.
- NCL coal production surged 67% and supply rose 75% on September 8 vs average of September 1-3, 2026
- Consolidated CIL daily production increased 40% from 1.36 MT/day to 1.91 MT/day on September 8
- CIL average daily dispatches to the power sector climbed 27% to 1.74 MT/day on September 8
- NCL rake loading through Indian Railways increased from 19 rakes/day (Sept 1-3) to 41 rakes on September 8
- NCL total FY27 production reached 51.43 MT, while supplies reached 55 MT till September 8
Coal India Limited has informed the exchanges that the Office of the Comptroller & Auditor General of India (CAG) appointed M/s Chaturvedi & Co LLP as the company's Statutory Auditors for FY 2026-27. The appointment was confirmed via CAG letter dated September 7, 2026, and received on September 9, 2026. Chaturvedi & Co LLP, established in 1963, has no relation to any directors of the company. As a routine statutory procedure mandated for PSUs, this change has no operational or financial impact on Coal India's TTM revenue of ₹93,458 Cr.
- Appointment of M/s Chaturvedi & Co LLP, Kolkata as Statutory Auditors for FY 2026-2027
- Appointment directed by the Office of the CAG via letter dated 07.09.2026
- Auditor firm established in 1963 with ICAI registration number 302137E/E300286
- Zero related-party relationship between company directors and the newly appointed audit firm
Coal India Limited announced that its wholly-owned subsidiary, Mahanadi Coalfields Limited (MCL), has filed a Draft Red Herring Prospectus (DRHP) dated September 1, 2026, with SEBI, BSE, and NSE. The proposed Initial Public Offering (IPO) is an Offer for Sale (OFS) of up to 661,836,300 equity shares of face value INR 2 each held by Coal India. The transaction aims to unlock value in one of CIL's primary coal-producing arms, subject to regulatory clearances and market conditions.
- DRHP dated September 1, 2026 filed with SEBI, BSE, and NSE for Mahanadi Coalfields Limited IPO
- IPO structured entirely as an Offer for Sale (OFS) of up to 661,836,300 equity shares
- MCL equity shares have a face value of INR 2 each
- MCL is currently a 100% wholly-owned subsidiary of Coal India Limited
Coal India Limited (CIL) reported a 5.50% YoY rise in total coal supplies to 60.60 MT in August FY27, up from 57.40 MT in August FY26. Coal supplies to the power sector rose 4.5% YoY to 48.46 MT, while supplies to the non-regulated sector (NRS) increased 9.6% to 12.12 MT. For the first five months of FY27 (April–August), total supplies reached 322.90 MT, marking a 6.70% YoY growth. CIL liquidated approximately 55 MT of pithead stocks during this 5-month period and currently maintains about 76 MT in pithead inventory ahead of the post-monsoon ramp-up.
- August FY27 total coal supplies reached 60.60 MT, up 5.50% YoY from 57.40 MT in August FY26
- Power sector supplies grew 4.5% YoY to 48.46 MT compared to 46.39 MT in the previous year
- Non-regulated sector (NRS) supplies expanded 9.6% YoY to 12.12 MT from 11.06 MT
- Cumulative 5-month supplies (Apr–Aug FY27) reached 322.90 MT, up 6.70% YoY from 302.60 MT
- Liquidated ~55 MT of pithead coal stocks in 5M FY27, with ~76 MT pithead inventory remaining
Coal India Limited (CIL) published its provisional Single Window Mode Agnostic (SWMA) E-auction data for August 2026 and cumulative Apr–Aug 2026. In August 2026, total coal allocated stood at 82.76 lakh tonnes against 210.66 lakh tonnes offered (39% allocation rate), fetching an average premium of 59% over notified prices. Cumulatively for Apr–Aug 2026, CIL allocated 477.40 lakh tonnes against 1,291.66 lakh tonnes offered (37% allocation) at a 46% average premium over notified prices. E-auction volumes and premiums remain a key driver of blended operational margins for the company.
- Aug 2026 coal offered at 210.66 lakh tonnes, with 82.76 lakh tonnes allocated (39% conversion rate).
- Average realization premium in Aug 2026 rose to 59% over notified prices, led by NCL at 173% and NEC at 96%.
- Cumulative Apr-Aug 2026 allocation reached 477.40 lakh tonnes from 1,291.66 lakh tonnes offered (37% allocation).
- Cumulative Apr-Aug 2026 premium over notified price averaged 46% across all operating subsidiaries.
Coal India Limited reported provisional Single Window Mode Agnostic (SWMA) E-auction results for August 2026, allocating 82.76 lakh tonnes out of 210.66 lakh tonnes offered (39% booking rate). The average realization premium expanded to 59% over notified prices for August 2026, up from the cumulative Apr-Aug 2026 average of 46%. Cumulative FY27 (Apr-Aug 2026) e-auction volume reached 477.40 lakh tonnes allocated against 1,291.66 lakh tonnes offered. NCL achieved the highest premium in August at 173% over notified prices with 100% volume allocated.
- August 2026 E-auction coal allocated stood at 82.76 lakh tonnes against 210.66 lakh tonnes offered (39% allocation rate).
- Realization premium over notified price climbed to 59% in August 2026 compared to 46% cumulative for Apr-Aug 2026.
- Cumulative Apr-Aug 2026 E-auction allocation reached 477.40 lakh tonnes out of 1,291.66 lakh tonnes offered (37% allocation).
- NCL recorded 100% allocation of 4.70 lakh tonnes in August 2026 at a 173% premium over notified price.
Coal India Limited announced the voting results of its 52nd Annual General Meeting held on August 31, 2026, where shareholders approved all 9 resolutions with the requisite majority. Shareholders approved a final dividend of Rs 5.25 per equity share (52.50%) for FY 2025-26, taking total FY26 dividend to Rs 26.50 per share following three prior interim dividends. The final dividend will be paid within 30 days to shareholders on record as of September 4, 2026. Other approved resolutions include director appointments and auditor remuneration.
- Approved final dividend of Rs 5.25 per share (52.50%) for FY 2025-26
- Confirmed three interim dividends of Rs 5.50, Rs 10.25, and Rs 5.50 per share, totaling Rs 26.50/share for FY26
- Dividend payment to be completed within 30 days of approval to eligible members as of September 4, 2026
- All 9 ordinary and special resolutions approved with requisite majority at the 52nd AGM
Coal India reported provisional production of 47.5 MT for August 2026, down 5.7% YoY from 50.4 MT in August 2025. However, total offtake grew 5.5% YoY to 60.6 MT compared to 57.4 MT in the previous corresponding period. For the cumulative Apr-Aug 2026 period, production stood at 267.5 MT (down 4.5% YoY) while cumulative offtake rose 6.7% YoY to 322.9 MT.
- Aug 2026 coal production fell 5.7% YoY to 47.5 MT (down from 50.4 MT)
- Aug 2026 coal offtake grew 5.5% YoY to 60.6 MT (up from 57.4 MT)
- Cumulative Apr-Aug 2026 production contracted 4.5% YoY to 267.5 MT vs 280.2 MT
- Cumulative Apr-Aug 2026 offtake expanded 6.7% YoY to 322.9 MT vs 302.6 MT
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew by 3% YoY to INR 1,42,329 Cr in FY24. Growth was driven by an 8% increase in volume, though partially offset by lower e-auction premiums. FSA sales dominate the mix at 79%, followed by E-Auction at 16%, and Washed Coal at 4%.
Geographic Revenue Split
Domestic operations across India contribute 100% of active revenue, with major subsidiary contributions from MCL (INR 36,606 Cr), SECL (INR 35,872 Cr), and NCL (INR 35,138 Cr). A foreign subsidiary, Coal India Africana Limited, exists in Mozambique but has no reported revenue.
Profitability Margins
Operating profitability (PBILDT) margin improved by 171 bps in FY24. Net profit margins vary by subsidiary: NCL achieved a PAT of INR 9,583 Cr on INR 35,138 Cr turnover (27.2% margin), while MCL achieved INR 10,825 Cr on INR 36,606 Cr turnover (29.5% margin).
EBITDA Margin
OPBDIT margin stood at 30.3% in FY24 (INR 37,369 Cr), a slight improvement from 30.1% in FY23, driven by record production and offtake volumes despite higher production costs.
Capital Expenditure
Total planned capex for rail infrastructure increased 44% to INR 4,286 Cr in FY25 from INR 2,967 Cr. Solar project capex rose 48% to INR 573 Cr. Intangible assets under development, primarily rail corridors (CERL/CEWRL), saw additions of INR 2,461 Cr.
Credit Rating & Borrowing
Maintains a high credit rating (AAA/Stable) with a low gearing ratio of 0.07x. Borrowing is minimal, though long-term debt to equity remained unchanged despite new borrowings by SECL and CCL subsidiaries due to parallel increases in equity.
Operational Drivers
Raw Materials
Primary operational costs include Overburden (OB) removal (INR 4,106 Cr), employee benefits (wage costs), and power/fuel for mining machinery. OB removal is critical for accessing coal seams.
Import Sources
Not disclosed in available documents; however, the company notes a 'Limited Indigenous Manufacturing' risk for mining equipment, implying reliance on global technology/imports.
Key Suppliers
Not disclosed in available documents, though the company operates through 11 wholly-owned subsidiaries and 5 joint ventures including NTPC, RVUNL, and HURL.
Capacity Expansion
Production target for FY26 is 875 MT and FY27 is 915 MT, compared to 781.06 MT produced in FY25. This represents a planned capacity increase of approximately 17% over two years.
Raw Material Costs
Cost of goods sold increased by 3% YoY. Overburden removal costs (portraying improved access to coal) rose to INR 4,106 Cr from INR 3,700 Cr (11% increase).
Manufacturing Efficiency
Output per man-shift is improving through increased outsourcing and capex. Manpower was reduced by 8,589 employees (approx. 3-4%) in FY25 to optimize costs.
Logistics & Distribution
Distribution is heavily reliant on rail; the company is developing dedicated rail corridors to manage the 763 MT offtake volume.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Growth will be achieved by targeting 875 MT production in FY26 through enhanced overburden removal (up 11%), commissioning new rail corridors (INR 4,286 Cr investment), and operationalizing joint ventures like Talcher Fertilizers (INR 902 Cr investment) and HURL (INR 2,642 Cr investment).
Products & Services
Raw coal (thermal and coking), washed coal, coal fines, and by-products sold primarily to power utilities and steel plants.
Brand Portfolio
Coal India Limited (CIL), Maharatna CPSE.
New Products/Services
Diversifying into solar power (INR 573 Cr capex) and mining of critical and rare earth minerals to future-proof the business against the renewable energy transition.
Market Expansion
Focusing on domestic import substitution to meet rising power demand; production targets set to reach 915 MT by FY27.
Market Share & Ranking
Holds a near-monopoly with 74-80% of domestic coal production and 48-49% of India's proven coal reserves.
Strategic Alliances
JVs include Hindustan Urvarak & Rasayan Limited (33.33% stake, INR 460 Cr profit share) and Talcher Fertilizers Limited (33.33% stake, INR 902 Cr investment).
External Factors
Industry Trends
The industry is shifting toward a 'Renewable Energy Transition,' pressuring long-term coal demand. CIL is positioning itself by investing in solar and critical minerals while maintaining its role in 'Energy Security' through FY27.
Competitive Landscape
Primary competition comes from commercial mining auctions (92 mines auctioned) and imported coal, though CIL's coal remains the 'cheapest source of energy' in India.
Competitive Moat
Moat is derived from owning 49% of India's proven reserves and having a massive, established evacuation infrastructure. This is sustainable in the medium term as private commercial mining will take years to scale.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth and industrial power demand, as 81% of coal offtake is consumed by the power sector.
Consumer Behavior
Shift toward ESG-compliant energy sources is forcing CIL to improve environmental metrics (water intensity down 50%) to maintain investor appeal.
Geopolitical Risks
Susceptible to global coal price fluctuations which impact e-auction premiums; however, domestic 'near-monopoly' status provides a buffer.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Coal and environmental/forest clearance norms. Pricing for the power sector is regulated via FSAs under NCDP and SHAKTI policies.
Environmental Compliance
Environment score of 54. Waste generation increased 43% YoY. Water intensity improved with a 50% decrease. Compliance is critical as delays in forest/environmental clearances for greenfield projects constrain output.
Taxation Policy Impact
Effective tax impact of ~INR 6,000 Cr expected from a Supreme Court ruling on retrospective mining dues, to be paid in 12 yearly installments.
Legal Contingencies
Significant contingent liabilities exist against the net-worth base, including the ~INR 6,000 Cr retrospective tax liability and various socio-political development mandates in mining areas.
Risk Analysis
Key Uncertainties
Regulatory and socio-political risks (land acquisition, forest clearances) could delay production targets. The transition to renewables poses a long-term structural risk to the core business model.
Geographic Concentration Risk
Concentrated in India's coal-bearing states (Jharkhand, Odisha, Chhattisgarh, West Bengal).
Third Party Dependencies
High dependency on Indian Railways for coal evacuation; any disruption in rail logistics impacts offtake and increases inventory (which rose 24% in FY25).
Technology Obsolescence Risk
Risk of 'Renewable Energy Transition' disrupting thermal coal demand; digital transformation is focused on 'operational optimization' and R&D via CMPDIL.
Credit & Counterparty Risk
Low risk as 80-85% of revenue comes from PSUs, though receivables collection improved with an 8% decrease in average debtors despite only a 1% sales dip.
